I’m sure I had millions of people sitting by their computers waiting for me to follow up on my post a week and a half ago on how life insurance companies were going to treat the new cures for Hepatitis C. OK, I probably had the same two that are always there, but I dropped the ball. I decided I loved the Rocky mountain sunsets so much that I would move further west in Colorado so I could be closer to them. I’m in Montrose now even though my websites still say Nathrop, but it’s all good and the sunsets remain amazing.
So back to the subject. If a disease is cured and there is no permanent collateral damage from the disease, are life insurance companies going to pretend it never happened. Shouldn’t it get the same shake as when someone who is overweight loses the weight and changes their lifestyle and gets in shape? Shouldn’t it be the same as when someone has high cholesterol or blood pressure and life insurance companies allow them the best rate class once it’s controlled, some companies even when you’re still taking medication.
So, here the deal. Knowing the history of Hep C life insurance treatment and after my last post on my Risk Life blog I sent out this question to my best underwriters, “What is the best underwriting offer for a client that had Hep C but is now cured?” Even though you will see a little wishy washy in these answers, for the most part they were good. Not great as in preferred plus offers, but good as in a substantial improvement over well controlled Hep C. So, just for fun I’ll not only give you their narrative answer, but what that would mean in price for $500,000 of 20 year term for a 50 year old male.
- Banner Life said, “Best case tentative Standard Plus subject to review of medical records showing no history of cirrhosis, minimal alcohol use, normal labs and negative viral load titers for minimum of one year to verify applicant has cleared the virus.” The price for that would be $1,353.98 per year with Banner Life Insurance Company
- SBLI, the epitome of wishy washy these days said, “Depending on age of applicant and years since completed treatment. Presuming hep C RNA virus undetectable, liver functions and biopsy are normal. Best at table 2.” That would be $2,315.99 per year with Savings Bank Life Insurance Co of MA
- Symetra skirted the issue. “Rates vary depending on age of client, time since treatement ceased, normal LFTs, if any biopsies done, if so what where results, any comps? Would need at least this info to give a better assessment.” No quotes available.
- American General skirted the issue as well, but no great loss since you would be 10 years older by the time they finished underwriting, “We would need the age and when treatment ended. If had liver biopsy was it normal?” No rates available
- Prudential, my heroes said, “The proposed insured could qualify for our Preferred risk classes noting recovered Hepatitis C.” That would be $1,110.00 per year with Pruco Life Insurance Company, possibly $895.00 per year with Pruco Life Insurance Company
- AXA Equitable has given us a wide sample of their lack of commitment, “Based on the information provided we would need additional details to applicant’s HEP C including dates of treatment, past biopsy results, current follow-up, etc. prior to quoting. Best case with limited information provided would be STD to Decline “. As good as $1,645.00 per year with AXA Equitable Life Insurance Company and as bad as “fat chance”.
- Lincoln is pretty straightforward with “If more than 1 year since treated ceased, follow-up labwork is favorable, no evidence of significant inflammation or fibrosis of the liver, or evidence of liver disease such as cirrhosis, it starts at tentative Table D. However, if older age, and longer time since treatment ceased/undetected virus, possibly better. You don’t want to see their table D.
- MetLife, even though they say they are selling their term life branch, said “Best case could be standard but full details would need to be known including type of treatment and the current LFTs. No need to quote something we can’t get anymore.
- Minnesota Life is always pretty sure of themselves, saying “Standard, subject to formal UW to include full age/amount requirements.” In money terms that would be $1,680.00 per year with Minnesota Life Insurance Company
Bottom line. I had some companies not answer. They aren’t into my hypothetical life insurance world, only because I’ve asked a few of them to stick with their word. Little ol pushy me. If you have any questions or see some opportunities to improve your current life insurance cost, call or email me directly. My name is Ed Hinerman. Let’s talk.